APLIX vs. IPSAX

Last updated Apr 1, 2026

Compare and contrast key facts about Cavanal Hill Hedged Income Fund (APLIX) and IPS Strategic Capital Absolute Return Fund (IPSAX).

APLIX is managed by Cavanal Hill funds. It was launched on Dec 27, 2020. IPSAX is managed by WP Trust. It was launched on Apr 14, 2016.

Performance

APLIX vs. IPSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cavanal Hill Hedged Income Fund (APLIX) and IPS Strategic Capital Absolute Return Fund (IPSAX). The values are adjusted to include any dividend payments, if applicable.

APLIX vs. IPSAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLIX Cavanal Hill Hedged Income Fund	-5.79%	16.87%	10.43%	5.04%	-1.92%	7.28%
IPSAX IPS Strategic Capital Absolute Return Fund	-9.12%	9.13%	16.99%	16.10%	-16.02%	18.95%

Returns By Period

In the year-to-date period, APLIX achieves a -5.79% return, which is significantly higher than IPSAX's -9.12% return.

APLIX

• 1D: -0.16%
• 1M: -6.21%
• YTD: -5.79%
• 6M: -4.40%
• 1Y: 13.32%
• 3Y*: 8.35%
• 5Y*: 5.21%
• 10Y*: —

IPSAX

• 1D: -0.22%
• 1M: -8.57%
• YTD: -9.12%
• 6M: -9.28%
• 1Y: 1.57%
• 3Y*: 9.47%
• 5Y*: 5.15%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APLIX vs. IPSAX - Expense Ratio Comparison

APLIX has a 1.35% expense ratio, which is lower than IPSAX's 1.50% expense ratio.

IPSAX

IPS Strategic Capital Absolute Return Fund

APLIX

Cavanal Hill Hedged Income Fund

Return for Risk

APLIX vs. IPSAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APLIX

APLIX Risk / Return Rank: 51
APLIX Sharpe Ratio Rank: 51
APLIX Sortino Ratio Rank: 53
APLIX Omega Ratio Rank: 56
APLIX Calmar Ratio Rank: 47
APLIX Martin Ratio Rank: 51

IPSAX

IPSAX Risk / Return Rank: 7
IPSAX Sharpe Ratio Rank: 7
IPSAX Sortino Ratio Rank: 7
IPSAX Omega Ratio Rank: 7
IPSAX Calmar Ratio Rank: 7
IPSAX Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APLIX vs. IPSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cavanal Hill Hedged Income Fund (APLIX) and IPS Strategic Capital Absolute Return Fund (IPSAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	APLIX	IPSAX	Difference
Sharpe ratio Return per unit of total volatility	1.00	0.14	+0.86
Sortino ratio Return per unit of downside risk	1.48	0.29	+1.18
Omega ratio Gain probability vs. loss probability	1.22	1.04	+0.18
Calmar ratio Return relative to maximum drawdown	1.18	0.05	+1.13
Martin ratio Return relative to average drawdown	5.12	0.17	+4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLIX vs. IPSAX - Sharpe Ratio Comparison

The current APLIX Sharpe Ratio is 1.00, which is higher than the IPSAX Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of APLIX and IPSAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	APLIX	IPSAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	0.14	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.00	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.00	+0.57

Correlation

The correlation between APLIX and IPSAX is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

APLIX vs. IPSAX - Dividend Comparison

APLIX's dividend yield for the trailing twelve months is around 0.22%, less than IPSAX's 16.29% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
APLIX Cavanal Hill Hedged Income Fund	0.22%	0.40%	0.84%	2.06%	2.09%	1.48%	0.00%	0.00%	0.00%	0.00%	0.00%
IPSAX IPS Strategic Capital Absolute Return Fund	16.29%	14.81%	13.88%	0.00%	12.04%	5.18%	0.46%	9.23%	0.00%	9.16%	0.69%

Drawdowns

APLIX vs. IPSAX - Drawdown Comparison

The maximum APLIX drawdown since its inception was -14.52%, smaller than the maximum IPSAX drawdown of -98.83%. Use the drawdown chart below to compare losses from any high point for APLIX and IPSAX.

Drawdown Indicators

	APLIX	IPSAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.52%	-98.83%	+84.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.76%	-12.09%	+2.33%
Max Drawdown (5Y) Largest decline over 5 years	-14.52%	-98.83%	+84.31%
Current Drawdown Current decline from peak	-7.93%	-98.73%	+90.80%
Average Drawdown Average peak-to-trough decline	-2.29%	-15.94%	+13.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	3.58%	-1.28%

Volatility

APLIX vs. IPSAX - Volatility Comparison

Cavanal Hill Hedged Income Fund (APLIX) has a higher volatility of 3.33% compared to IPS Strategic Capital Absolute Return Fund (IPSAX) at 3.14%. This indicates that APLIX's price experiences larger fluctuations and is considered to be riskier than IPSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLIX	IPSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	3.14%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	7.51%	7.99%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	14.24%	12.95%	+1.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.18%	3,885.75%	-3,875.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.13%	2,754.10%	-2,743.97%